Surplus Discount definition
Surplus Discount means, on any Calculation Date and in respect of each Receivable denominated in an Agreed Currency (a Relevant Receivable): where: A is the amount standing to the credit of the Discount Ledger on that Monthly Settlement Date in respect of that Agreed Currency attributable to or as provision for the payment in full of the relevant Master Purchaser Senior Expenses required to be paid or provided for on such Monthly Settlement Date;
Surplus Discount means, on any Calculation Date and in respect of each Receivable denominated in an Agreed Currency (a Relevant Receivable): where: A is the amount standing to the credit of the Discount Ledger on that Monthly Settlement Date in respect of that Agreed Currency attributable to or as provision for the payment in full of the relevant Master Purchaser Senior Expenses required to be paid or provided for on such Monthly Settlement Date; B is the aggregate of the Face Amounts of all Securitised Receivables denominated in that Agreed Currency in respect of which the relevant Master Purchaser received payment from an Obligor during the preceding Calculation Period; and
Examples of Surplus Discount in a sentence
The Surplus Discount in respect of a Dutch Receivable shall, subject to Clauses 5.4, 5.9 and 5.10 be payable by the European Receivables Warehouse Company to the relevant Dutch Originator on the Business Day following the date upon which the Deferred Purchase Price of such Dutch Receivable has been paid.
The European Receivables Warehouse Company shall not be obliged to pay any sum to the Dutch Originators in respect of the Purchase Price of a Dutch Receivable or Surplus Discount except as provided for in Clause 4 or this Clause 5.